Report: Half of Israelis Were in Overdraft in 2018

Nearly half of Israeli households were in overdraft at least once in 2018, the Central Bureau of Statistics said in a report. 42% of Israelis said in a poll conducted by the CBS that they were overdrawn at their banks for at least one month in the year, while 22% said that they were in overdraft on a a regular basis. 26% said they were warned by the bank over their financial situation, while 5% said their accounts were blocked because of their overdraft.

Twenty seven percent of Israeli families have mortgages. 31% of Jewish households have mortgages, while only 4% of Arab households have mortgages. Of Israeli households with children under 18, 44% have mortgages. One third of Israelis have bank loans that are not connected to mortgages, and they owe an average of NIS 96,200 on those loans. 92% of those who have loans took them from the bank, with the rest taken from credit card companies, insurance companies, and private individuals.

Most Israelis – 71% of all households – have at least some savings. At least two-thirds have a pension account for at least one family member. 28% of families have savings accounts in addition to pension plans, the study showed.